New Delhi, Oct 15 (IANS) Rising gold prices had kept buyers away from stores for a long time, but shopkeepers here have a reason to celebrate, as sales have shown an upward curve on Dhanteras, two days before Diwali when people traditionally buy gold and utensils.
“Our shops are packed with customers today, who are going in for gold more than other things,” Varun Chawla, the spokesperson of Nathumal Jewellers, told IANS Thursday.

Compared to last year, branded gold jewellery seller Tanishq’s sales increased since September.

“September has seen a healthy growth. It has been estimated that the growth is around 30 percent in volume and 40 percent in price. In October, the growth in volume and value is still in double digits and we hope to see a better turnout because of Dhanteras,” said Sandeep Kulhali, vice-president (retail and marketing) of Tanishq.

People have been refraining from purchasing the yellow metal, but the festival of light has come as a blessing for retailers as in spite of the high rate of more than Rs.16,000 per 10 grams, sales have gone up.

Last year, the rate of gold was fluctuating between Rs.12,400 and Rs.15,500 per 10 grams around this time.

According to associate director of the World Gold Council, Keyur Shah, low gold sales were expected to continue even during Diwali time because of the steep rates. But surprisingly, the situation changed completely.

“There were less customers for gold this year as the price is very high. It was presumed that Dhanteras too would not boost gold sales. But we are witnessing an upsurge in gold purchase,” he said.

Big jewellery outlets are busy cashing in on the demand. Stores like Khanna Jewellers, Mehrasons, Sil Gold and Gold Souk are seeing a surge of customers ready to shell out those extra bucks to buy the metal.

Said Suparna Das, a housewife: “It’s heavy on the pocket to buy gold at this time, when the prices are so high, but we can’t do without it on Diwali. It is auspicious to buy the metal on Dhanteras.”

On the other hand, businessman Rajesh Sehajpal feels the rates seem to just go up, so it’s better to buy now than later.

“I have been noticing that mostly the rate of gold goes up only and doesn’t come down. So what’s the point of waiting?” he said.

People are also not shying away from buying silver and diamond jewellery. However, gold is still the favourite for Dhanteras.